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Donors slam slow progress in market economy
Increasing public revenue and savings, getting the private sector moving and emphasfz Ing human development efforts were the three 'priorities Identified at the meeting of the Bangladesh Aid Group which concluded tn Parts on Wednesday
On the economic front, the development partners were critical about the small progress' achieved in controlling public enterprise deftetts. Installing a more open, com petitive market economy and the sfow implementation of the public Investment programme. according Io a World Bank press release.
However, the government won much praise for Its sound handling of fiscal and monetary policies, tight control of recurrent expenditures and a start on greater selectivity in capital expenditure.
There was 'virtual unanimity' between the government delegation led by Finance Minister M Salfur Rahman and the development partners that Bangladesh could emerge quickly' from low-growth equilibrium and that the primary need was firm action* along the lines laid out in the manifesto on which the government had been elected.
The key steps that the government intends to take in the fiscal year 1902-93 are in three broad areas of priority, the press release noted.
On Increasing public revenues and savings, steps will be taken to raise revenues by one-half per cent of the Gross Domestic Product (GDP) an nually and control current ex pendltures. so as to gradually Increase the domestic share of public investment to about 35 per cent by the mid 90s.
Measures will also be taken to establish consistent policies regarding compensation to retrenched employees, with a view to eliminating excess public-service officers and workers over a three-year period, and some 15 to 20 per cent by FY '93.
Steps are to be taken to reduce the combined systems loss of the PDB and the DESA from 41 per cent 1n February 1992 to 32-34 per cent by October 1992. and compara blc reductions In other public service companies
Steps will also be taken to reduce railways' financial loss by about 50 per cent between FY 92 and FY 93.
On the revenue generation front, measures will be taken to complete the privatisation of a significant' share of the 42 industrial units already identified for divestiture and for acceleration of the pace of privatisation in other public-sector enterprises.
To boost the private sector, according to the Bank press release, the government will take steps for early adoption of liberalised financial and trade regime, and rationalised tariff structure, to help re-gear' the economy around an export-fo-cused growth strategy.
The 1991 industrial policy will be fully Implemented and licensing regulations and pub lie'sector monopolies constraining private investment In industry and trade will be sharply reduced.
Steps will also be taken to restrain labour unrest and indiscipline and the relationship between wages and productivity and wage-levels In other relevant exporting countries will be taken into account to ensure competitiveness.
New policies and programmes will also be devel oped to ensure the ready avail ability of credit to small farmers and other producers In emphasizing human devel opment. the government will provide priority within the public expenditure budgets to Improve the quality, effective ness and coverage of basic human development services
It will also introduce a new system of elected local self government accountable to the electorate rather than to the bureaucracy and rely on NGOs with a proven track record to share with the government the responsibility for Identifying as well as executing programmes to substitute for the overloaded government services or to supplement them.
The social safety net wtll also be expanded to serve the destitute population more ad equate ly.
The development partners and the government agreed at the meeting that with the application of the accelerated and simplified procedures for approval of projects and procurement of goods and services. a reasonable target of project aid disbursement would be about $ 1.250 million in FY '93. at least 15 per cent above the likely figure tn the current fiscal year.